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Financial Structure and Economic Welfare: Applied General Equilibrium Development Economics

Author

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  • Robert Townsend

    () (Department of Economics, Massachusetts Institute of Technology, Cambridge, Massachusetts 02142)

Abstract

This review provides a common framework for researchers thinking about the next generation of micro-founded macro models of growth, inequality, and financial deepening, as well as direction for policy makers targeting microfinance programs to alleviate poverty. Topics include treatment of financial structure general equilibrium models: testing for as-if-complete markets or other financial underpinnings; examining dual-sector models with both a perfectly intermediated sector and a sector in financial autarky, as well as a second generation of these models that embeds information problems and other obstacles to trade; designing surveys to capture measures of income, investment/savings, and flow of funds; and aggregating individuals and households to the level of network, village, or national economy. The review concludes with new directions that overcome conceptual and computational limitations.

Suggested Citation

  • Robert Townsend, 2010. "Financial Structure and Economic Welfare: Applied General Equilibrium Development Economics," Annual Review of Economics, Annual Reviews, vol. 2(1), pages 507-546, September.
  • Handle: RePEc:anr:reveco:v:2:y:2010:p:507-546
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    File URL: http://www.annualreviews.org/doi/abs/10.1146/annurev.economics.102308.124427
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    Citations

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    Cited by:

    1. Doepke, M. & Tertilt, M., 2016. "Families in Macroeconomics," Handbook of Macroeconomics, Elsevier.
    2. Michael Christian Lehman, 2014. "Long-Run Effects Of Conditional Cash Transfers," Anais do XLI Encontro Nacional de Economia [Proceedings of the 41st Brazilian Economics Meeting] 223, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    3. Mihaela-Cristina Onica & Jalba Silvia & Nedelcu Andreea - Izabela, 2015. "Comparative Analysis Regarding The Study Of The Financial Balance Of Companies Listed On The Stock Market," Risk in Contemporary Economy, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, pages 509-525.

    More about this item

    Keywords

    models; measurement;

    JEL classification:

    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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